Search results for: option price valuation formula

Authors: Baoubadi Atozou, Koffi Akakpo

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Since the decade 2000, the use of foodstuffs such as corn, wheat, and soybeans in biofuel production has been growing sharply in the United States, Canada, and Europe. Thus, prices for these agricultural products are rising in the world market. These cereals are the most important source of calorific energy for West African Economic and Monetary Union (WAEMU) countries members’ population. These countries are highly dependent on imports of most of these products. Thereby, rising prices can have an important impact on import levels and consequently on food security in these countries. This study aims to analyze the interrelationship between the prices of these commodities and their volatilities, and their effects on imports of these agricultural products by each WAEMU ’country member. The Autoregressive Distributed Lag (ARDL) model, the GARCH Multivariate model, and the Granger Causality Test are used in this investigation. The results show that import levels are highly and significantly sensitive to price changes as well as their volatility. In the short term as well as in the long term, there is a significant relationship between the prices of these products. There is a positive relationship in general between price volatility. And these volatilities have negative effects on the level of imports. The market characteristics affect food security in these countries, especially access to food for vulnerable and low-income populations. The policies makers must adopt viable strategies to increase agricultural production and limit their dependence on imports.

Keywords: price volatility, import of agricultural products, food safety, WAEMU

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Authors: Aji Budi Rinekso, Revika Niza Artiyana, Lisa Widayanti

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English is one of the international languages in the world. People use this language to communicate with each other in the international forums, international events or international organizations. As same as other languages, English has a rule which is called grammar. Grammar is the part of english which has a role as the language systems. In grammar, there are tenses which provide a time period system for past, present and future. Sometimes it is difficult for some English learner to remember all of the tenses completely. Especially for those with special needs or exceptional children with vision restrictiveness. The aims of this research are 1) To know the design of Special Grammar Circle (Spegraci) as the media for blind people to learn english grammar. 2) To know the work of Special Gramar Circle (Spegraci) as the media for blind people to learn english grammar. 3) To know the function of this device in increasing tenses ability for blind people. The method of this research is Research and Development which consists of several testing and revision of this device. The implementation of Special Grammar Circle (Spegraci) is to make blind people easily to learn the tenses. This device is easy to use. Users only roll this device and find out the tense formula and match to the name of the formula in braille. In addition, this device also enables to be used by normal people because normal written texts are also provided.

Keywords: blind people, media innovation, spegraci, tenses

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Authors: E. A. Ojoko, G. B. Umbugadu

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This study aims at describing the expenditure pattern of households on millet, maize and sorghum across income groups in Nasarawa State. A multi-stage sampling technique was used to select a sample size of 316 respondents for the study. The Almost Ideal Demand System (AIDS) model was adopted in this study. Results from the study shows that the average household size was five persons with dependency ratio of 52 %, which plays an important role on the household’s expenditure pattern by increasing the household budget share. On the average 82 % were male headed households with an average age of 49 years and 13 years of formal education. Results on expenditure share show that maize has the highest expenditure share of 38 % across the three income groups and that most of the price effects are significantly different from zero at 5 % significant level. This shows that the low price of maize increased its demand as compared to other cereals. Household size and age of household members are major factors affecting the demand for cereals in the study. This agrees with the fact that increased household population (size) will bring about increase consumption. The results on factors influencing preferences for cereal grains reveals that cooking quality and appearance (65.7 %) were the most important factors affecting the demand for maize in the study area. This study recommends that cereal crop production should be prioritized in government policies and farming activities that help to boost food security and alleviate poverty should be subsidized.

Keywords: expenditure pattern, AIDS model, budget share, price cereal grains and consumption

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Authors: Kara Gianina D. Rosas, Jade Emily L. Tong

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This study assesses the vulnerability of households to food price shocks. Using the Philippines as a case study, the researchers aim to understand how such shocks can cause food insecurity in different types of households. This paper measures the impact of actual food price changes during the food crisis of 2006-2009 on poverty in relation to their spatial location. Households are classified as rural or urban and agricultural or non-agricultural. By treating food prices and consumption patterns as heterogeneous, this study differs from conventional poverty analysis as actual prices are used. Merging the Family, Income and Expenditure Survey (FIES) with the Consumer Price Index dataset (CPI), the researchers were able to determine the effects on poverty measures, specifically, headcount index, poverty gap, and poverty severity. The study finds that, without other interventions, food inflation would lead to a significant increase in the number of households that fall below the poverty threshold, except for households whose income is derived from agricultural activities. It also finds that much of the inflation during these years was fueled by the rise in staple food prices. Essentially, this paper aims to broaden the economic perspective of policymakers with regard to the heterogeneity of impacts of inflation through analyzing the deeper microeconomic levels of different subgroups. In hopes of finding a solution to lessen the inequality gap of poverty between the rural and urban poor, this paper aims to aid policymakers in creating projects targeted towards food insecurity.

Keywords: poverty, food inflation, agricultural households, non-agricultural households, net consumption ratio, urban poor, rural poor, head count index, poverty gap, poverty severity

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Authors: Harminder Kaur, Manpreet Kaur, Akanksha Kapila, Reenu

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Schiff base with general formula H₂L was derived from condensation of o-vanillin and 3-nitro-o-phenylenediamine. This Schiff base was used for the synthesis of organotin(IV) complexes with general formula R₂SnL [R=Phenyl or n-octyl] using equimolar quantities. Elemental analysis UV-Vis, FTIR, and multinuclear spectroscopic techniques (¹H, ¹³C, and ¹¹⁹Sn) NMR were carried out for the characterization of the synthesized complexes. These complexes were coloured and soluble in polar solvents. Computational studies have been performed to obtain the details of the geometry and electronic structures of ligand as well as complexes. Geometry of the ligands and complexes have been optimized at the level of Density Functional Theory with B3LYP/6-311G (d,p) and B3LYP/MPW1PW91 respectively followed by vibrational frequency analysis using Gaussian 09. Observed ¹¹⁹Sn NMR chemical shifts of one of the synthesized complexes showed tetrahedral geometry around Tin atom which is also confirmed by DFT. HOMO-LUMO energy distribution was calculated. FTIR, ¹HNMR and ¹³CNMR spectra were also obtained theoretically using DFT. Further IRC calculations were employed to determine the transition state for the reaction and to get the theoretical information about the reaction pathway. Moreover, molecular docking studies can be explored to ensure the anticancer activity of the newly synthesized organotin(IV) complexes.

Keywords: DFT, molecular docking, organotin(IV) complexes, o-vanillin, 3-nitro-o-phenylenediamine

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Authors: Mohamad H. Atyeh, Ahmad Khaldi

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The main objective of this research is to measure the relationship between the Kuwait stock Exchange (KSE) index and its two marketing sectors after the new market classification. The findings of this research are important for Public economic policy makers as they need to know if the new system (new classification) is efficient and to what level, to monitor the markets and intervene with appropriate measures. The data used are the daily index of the whole Kuwaiti market and the daily closing price, number of deals and volume of shares traded of two marketing sectors (consumer goods and consumer services) for the period from the 13th of May 2012 till the 12th of December 2016. The results indicate a positive direct impact of the closing price, volume and deals indexes of the consumer goods and the consumer services companies on the overall KSE index, volume and deals of the Kuwaiti stock market (KSE).

Keywords: correlation, market capitalization, Kuwait Stock Exchange (KSE), marketing sectors, stock performance

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Authors: Y. Bhatt, N. Ghosh, N. Tiwari

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Acreage response function are modeled taking account of expected harvest prices, weather related variables and other non-price variables allowing for partial adjustment possibility. At the outset, based on the literature on price expectation formation, we explored suitable formulations for estimating the farmer’s expected prices. Assuming that farmers form expectations rationally, the prices of food and biofuel crops are modeled using time-series methods for possible ARCH/GARCH effects to account for volatility. The prices projected on the basis of the models are then inserted to proxy for the expected prices in the acreage response functions. Food crop acreages in different growing states are found sensitive to their prices relative to those of one or more of the biofuel crops considered. The required percentage improvement in food crop yields is worked to offset the acreage loss.

Keywords: acreage response function, biofuel, food security, sustainable development

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Authors: P. Jayaram, Prasoon Prasannan, N. K. Deepak, P. P. Pradyumnan

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Indium and Zirconium co doped zinc oxide (InZrZnO) thin films are prepared by chemical spray pyrolysis method on pre-heated quartz substrates. The films are subjected to vacuum annealing at 400ᵒC for three hours in an appropriate air (10-5mbar) ambience after deposition. X-ray diffraction, Scanning electron microscopy, energy dispersive spectra and photoluminescence are used to characterize the films. Temperature dependent electrical measurements are conducted on the films and the films exhibit exceptional conductivity at higher temperatures. XRD analysis shows that all the films prepared in this work have hexagonal wurtzite structure. The average crystallite sizes of the films were calculated using Scherrer’s formula, and uniform deformation model (UDM) of Williamson-Hall method is used to establish the micro-strain values. The dislocation density is determined from the Williamson and Smallman’s formula. Intense, broad and strongly coupled multiple photoluminescence were observed from photoluminescence spectra. PL indicated relatively high concentration defective oxygen and Zn vacancies in the film composition. Strongly coupled ultraviolet near blue emissions authenticate that the dopants are capable of inducing modulated free excitonic (FX), donor accepter pair (DAP) and longitudinal optical phonon emissions in thin films.

Keywords: PL, SEM, TCOs, thin films, XRD

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Authors: Jian-You Wang, Feng Yi Hsu, Chieh-Hsi Wu

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Androgenetic alopecia (AGA) is an androgen-dependent disorder caused by excess testosterone in blood capillaries or excess enzyme activity of 5α- reductase in hair follicles. Plants, alone or in combination, have been widely used for hair growth promotion since ancient times in Asia. In this study, the efficacy of a traditional Chinese herbal formula, Shen-Ying-Yang-Zhen-Dan (SYYZD) with different kinds of extract solvents, facilitating hair regrowth in testosterone-induced hair loss have been determined. The study was performed by treating with either 95 % ethanol aqueous extracts, 50% ethanol aqueous extracts or deionized water extracts orally in four-week-old male S.D. rats that experienced hair regrowth interruption induced by testosterone treatment. The 50% ethanol aqueous extracts group showed better hair regrowth promotion activities than either 95% ethanol aqueous extracts or deionized water extracts groups in 14 days treatment. In conclusion, our results suggest that 50% ethanol aqueous SYYZD extracts have hair growth promoting potential and may be beneficial as an alternative medicine for androgenetic alopecia treatment.

Keywords: Shen-Ying-Yang-Zhen-Dan, androgenic alopecia, hair loss, hair growth promotion, hair regrowth effect

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Authors: Dong-Hyun Kim, Wan-Ho Chung, Hak-Sung Kim

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In this work, non-destructive evaluation was conducted to measure the sheet resistance of silver nanowire coated film and find a damage of that film using terahertz (THz) wave. Pulse type THz instrument was used, and the measurement was performed under transmission and pitch-catch reflection modes with 30 degree of incidence angle. In the transmission mode, the intensity of the THz wave was gradually increased as the conductivity decreased. Meanwhile, the intensity of THz wave was decreased as the conductivity decreased in the pitch-catch reflection mode. To confirm the conductivity of the film, sheet resistance was measured by 4-point probe station. Interaction formula was drawn from a relation between the intensity and the sheet resistance. Through substituting sheet resistance to the formula and comparing the resultant value with measured maximum THz wave intensity, measurement of sheet resistance using THz wave was more suitable than that using 4-point probe station. In addition, the damage on the silver nanowire coated film was detected by applying the THz image system. Therefore, the reliability of the entire film can be also be ensured. In conclusion, real-time monitoring using the THz wave can be applied in the transparent electrodes with detecting the damaged area as well as measuring the sheet resistance.

Keywords: terahertz wave, sheet resistance, non-destructive evaluation, silver nanowire

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Authors: Zo Hasina Rabemananjara

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The North-East of Madagascar is the pillar of Madagascar's foreign trade, providing 41% and 80% of world exports of cloves and vanilla, respectively, in 2016. For Madagascar, the north-eastern escarpment is home to the last massifs of humid forest in large scale of the island, surrounded by a small scale agricultural mosaic. In the sites where this study is taking place, located in the peripheral zones of protected areas, the production of rent aims to supply international markets. In fact, importers of the cash crops produced in these areas are located mainly in India, Singapore, France, Germany and the United States. Recently, the price of these products has increased significantly, especially from the year 2015. For vanilla, the price has skyrocketed, from an approximate price of 73 USD per kilo in 2015 to more than 250 USD per kilo in 2016. The value of clove exports increased sharply by 49.4% in 2017, largely to Singapore and India due to the sharp increase in exported volume (+47, 6%) in 2017. If the relationship between the rise in prices of rented products and the change in physical environments is known, the evolution of the behavior of land users linked to this aspect was not yet addressed by research. In fact, the consequence of this price increase in the organization of the use of space at the local level still raises questions. Hence, the research question is: to what extent does this improvement in the price of imported products affect user behavior linked to the local organization of access to the factor of soil production? To fully appreciate this change in behavior, surveys of 144 land user households were carried out, and group interviews were also carried out. The results of this research showed that the rise in the prices of annuity products from the year 2015 caused significant changes in the behavior of land users in the study sites. Young people, who have not been attracted to farming for a long time, have started to show interest in it since the period of rising vanilla and clove prices. They have set up their own fields of vanilla and clove cultivation. This revival of interest conferred an important value on the land and caused conflicts especially between family members because the acquisition of the cultivated land was done by inheritance or donation. This change in user behavior has also affected the farmers' life strategy since the latter have decided to abandon rain-fed rice farming, which has long been considered a guaranteed subsistence activity for cash crops. This research will contribute to nourishing scientific reflection on the management of land use and also to support political decision-makers in decision-making on spatial planning.

Keywords: behavior of land users, North-eastern Madagascar, price of export products, spatial planning

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Authors: R. Henry, J-B. Paulin, St. Fauchille, Ph. Delord, K. Benkirane, A. Brunel

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In this paper, the CVA computation of interest rate swap is presented based on its rating. Rating and probability default given by Moody’s Investors Service are used to calculate our CVA for a specific swap with different maturities. With this computation, the influence of rating variation can be shown on CVA. The application is made to the analysis of Greek CDS variation during the period of Greek crisis between 2008 and 2011. The main point is the determination of correlation between the fluctuation of Greek CDS cumulative value and the variation of swap CVA due to change of rating

Keywords: CDS, computation, CVA, Greek crisis, interest rate swap, maturity, rating, swap

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Authors: Hector Carcel Luis Alberiko Gil-Alana

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This paper examines the time series behavior of three variables (GDP, Price level of Consumption and Population) in the eight countries that belong to the West African Economic and Monetary Union (WAEMU), which are Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The reason for carrying out this study lies in the considerable heterogeneity that can be perceived in the data from these countries. We conduct a long memory and fractional integration modeling framework and we also identify potential breaks in the data. The aim of the study is to perceive up to which degree the eight West African countries that belong to the same monetary union follow the same economic patterns of stability. Testing for mean reversion, we only found strong evidence of it in the case of Senegal for the Price level of Consumption, and in the cases of Benin, Burkina Faso and Senegal for GDP.

Keywords: West Africa, Monetary Union, fractional integration, economic patterns

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Authors: Mingming Leng

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Wal-Mart has allocated considerable human resources for its quality assurance program, in which the largest retailer serves its supply chains as a quality gatekeeper. Asda Stores Ltd., the second largest supermarket chain in Britain, is now investing £27m in significantly increasing the frequency of quality control checks in its supply chains and thus enhancing quality across its fresh food business. Moreover, Tesco, the largest British supermarket chain, already constructed a quality assessment center to carry out its gatekeeping responsibility. Motivated by the above practices, we consider a supply chain in which a retailer plays the gatekeeping role in quality assurance by identifying defects among a manufacturer's products prior to selling them to consumers. The impact of a retailer's gatekeeping activity on pricing and quality assurance in a supply chain has not been investigated in the operations management area. We draw a number of managerial insights that are expected to help practitioners judiciously consider the quality gatekeeping effort at the retail level. As in practice, when the retailer identifies a defective product, she immediately returns it to the manufacturer, who then replaces the defect with a good quality product and pays a penalty to the retailer. If the retailer does not recognize a defect but sells it to a consumer, then the consumer will identify the defect and return it to the retailer, who then passes the returned 'unidentified' defect to the manufacturer. The manufacturer also incurs a penalty cost. Accordingly, we analyze a two-stage pricing and quality decision problem, in which the manufacturer and the retailer bargain over the manufacturer's average defective rate and wholesale price at the first stage, and the retailer decides on her optimal retail price and gatekeeping intensity at the second stage. We also compare the results when the retailer performs quality gatekeeping with those when the retailer does not. Our supply chain analysis exposes some important managerial insights. For example, the retailer's quality gatekeeping can effectively reduce the channel-wide defective rate, if her penalty charge for each identified de-fect is larger than or equal to the market penalty for each unidentified defect. When the retailer imple-ments quality gatekeeping, the change in the negotiated wholesale price only depends on the manufac-turer's 'individual' benefit, and the change in the retailer's optimal retail price is only related to the channel-wide benefit. The retailer is willing to take on the quality gatekeeping responsibility, when the impact of quality relative to retail price on demand is high and/or the retailer has a strong bargaining power. We conclude that the retailer's quality gatekeeping can help reduce the defective rate for consumers, which becomes more significant when the retailer's bargaining position in her supply chain is stronger. Retailers with stronger bargaining powers can benefit more from their quality gatekeeping in supply chains.

Keywords: bargaining, game theory, pricing, quality, supply chain

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Authors: Joanna Bajerska, Sylwia Mildner-Szkudlarz, Pawel Górnas, Dalija Segliņac

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Sour cherry pomace (CP) by-products obtained during fruit processing, was used to replace the wheat flour in muffin formula on the levels 20% (CP20) and 30% (CP30). The sensory profile of this muffins were characterized, and their impact on glycemic response and appetite sensation were studied. Randomized crossover study where test subjects were given either plain muffin (PM) or CP20 or CP30 during 2 different occasions. In the first study test muffins with equivalent of 50 g available carbohydrate were consumed. Blood glucose was measured before and up to 120 min after consuming the test muffins. To study satiety response in the second trial of the test muffins (portion 1700 kJ per serve) were ingested. Sensory analysis was performed earlier by a sensory panel consisting of 10 well-trained individuals. It is acceptable to incorporate CP into a muffin formula at concentrations up to 30%. With the CP muffins treatment, the glucose responses were significantly lower at 30, 45 and 60 min of the intervals also the incremental peak glucose was 0.40 mmol/L and 0.60 mmol/L lower than for PM. CP20 and CP30 also improved satiety as compared to PM. CP can be a good functional ingredient of functional bakery products to assist in managing glucose levels and satiety in healthy individuals.

Keywords: muffins, postprandial glucose, sensory analysis, satiety sour cherry pomace

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Authors: Taisier A. Zoubi, Feras Salama, Mahmud Hossain, Yass A. Alkafaji

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The purpose of this study is to examine the equity pricing of other comprehensive income when earnings are disaggregated into several components. Our findings indicate that other comprehensive income can better explain variation in stock returns when net income is reported in a disaggregated form. Additionally, we found that disaggregating both net income and other comprehensive income can explain more of the variation in the stock returns than the two summary components of comprehensive income. Our results survive a series of robustness checks.

Keywords: market valuation, other comprehensive income, value-relevance, incremental information content

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Authors: Liliana M. Marinelli, Cristina T. Varanese

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In the last few years, students from higher education have difficulties in grasping mathematical concepts which support physical matters, especially those in the first years of this education. Classical Physics teaching turns to be complex when students are not able to make use of mathematical tools which lead to the conceptual structure of Physics. When derivation and integration rules are not used or developed in parallel with other disciplines, the physical meaning that we attempt to convey turns to be complicated. Due to this fact, it could be of great use to see the Classical Mechanics from an axiomatic approach, where the correspondence rules give physical meaning, if we expect students to understand concepts clearly and accurately. Using the Minkowski point of view adapted to a two-dimensional space and time where vectors, matrices, and straight lines (worked from an affine space) give mathematical and physical rigorosity even when it is more abstract. An interesting option would be to develop the disciplinary contents from an axiomatic version which embraces the Classical Mechanics as a particular case of Relativistic Mechanics. The observation about the increase in the difficulties stated by students in the first years of education allows this idea to grow as a possible option to improve performance and understanding of the concepts of this subject.

Keywords: axioms, classical physics, physical concepts, relativity

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Authors: Karam Chand Gupta

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If an ellipse is to be drawn of given dimensions on a large ground, there is no formula, method or set of calculations & procedure available which will help in drawing an ellipse of given length and width on ground. Whenever a field engineer is to start the work of an ellipse-shaped structure like elliptical conference hall, screening chamber and pump chamber in disposal work etc., it is cumbersome for him to give demarcation of the structure on the big surface of the ground. No procedure is available, even in Google. A set of formulas with calculations has been made which helps the field engineer to draw an true and perfect ellipse of given length and width on the large ground very easily so as to start the construction work of elliptical structure. Based on these formulas a civil Engineering tool kit has been made with the help of which we can make perfect ellipse of desired dimensions on very large surface. The Patent of the tool kit has been filed in Intellectual Property India with Patent Filing Number: 201611026153 and Patent Application Filing Date: 30.07.2016. An App named ‘KC’s Mesh Formula’ has also been made to ease the calculation work. This can be downloaded from Play Store. After adopting these formulas and tool kit, a field engineer will not face difficulty in drawing ellipse on the ground to start the work.

Keywords: ellipse, elliptical structure, foci, string, wooden peg

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Authors: Fatihin Khoirul, Muhammad Muqorrobin Ist

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Bojonegoro Regency is one of the districts that use the concept Agropolitan as the Territorial Development Policy. Three sub-district designated as Area Development District of Agropolitan are Kapas, Dander, and Kalitidu or commonly called KADEKA. Current policy has been shown results, but there was an inequality of results in some areas. One of them occurred in the Ngringinrejo village with the main commodities is Starfruit and Wedi village with the main commodities is Salak fruit. Therefore, a comparative study is used to search for causal factors of inequality result of the policy by using the 5 aspects compared, namely: (1) Management Development Agropolitan; (2) Physical Condition agropolitan Region; (3) Implementing Agency at the Village Level; (4) Village Government Support; and (5) Community support. Based on the discussion of qualitative analysis, it was found that five aspects have their respective roles in creating inequality of outcomes that occur in both villages. But beyond that, there are conditions where the two villages experienced the same condition that is when the initial implementation of the policy. The condition is referred to as 'the phenomenon of price trap.' The condition is caused by lower commodity prices, causing the village government's commitment in implementing policies too low, followed by public awareness in support of the policy is also low, so care for commodities is also low, and the quality is too low lead and eventually back causing low price. However, the difference is that the village Ngringinrejo able to get out of this condition with 'the new culture of administration' at the end of 2013. While the conditions in the village of Wedi compounded by not respected request assistance by the irrigation district.

Keywords: comparative policy analysis, qualitative comparative, inequallity, price trap, new culture of administration

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Authors: J. R. Bhalla, Gautam, Gurcharan Singh, Sanjeev Naval

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Mathematics is everywhere behind the every things on the earth as well as in the universe. Predynastic Egyptians of the 5th millennium BC pictorially represented geometric designs. Now a day’s we can made and apply an equation on a complex geometry through applied mathematics. Here we work and focus on to create a formula which apply in the field of civil engineering in new concrete technology. In this paper our target is to make a formula which is applied on “BAUT” Metal Aggregate. In this paper our approach is to make formulation and equation on special “BAUT” Metal Aggregate by Applied Mathematical Study Case 1. BASIC PHYSICAL FORMULATION 2. ADVANCE EQUATION which shows the mechanical performance of special metal aggregates for concrete technology. In case 1. Basic physical formulation shows the surface area and volume manually and in case 2. Advance equation shows the mechanical performance has been discussed, the metal aggregates which had outstandingly qualities to resist shear, tension and compression forces. In this paper coarse metal aggregates is 20 mm which used for making high performance concrete (H.P.C).

Keywords: applied mathematical study case, special metal aggregates, concrete technology, basic physical formulation, advance equation

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Authors: Trina Isabel D. Santiago, Juan Raphael M. Perez, Maria Angelica O. Soriano, Teresita B. Suing, Jumee F. Tayaban

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To achieve universal healthcare for everyone, the World Health Organization has emphasized the importance of National Medicines Policies for increased accessibility and utilization of high-quality and affordable medications. In the Philippines, significant challenges have been identified surrounding the sustainability of essential medicines, resulting in limited access such as high cost and dominance and market dominance and monopoly of multinational companies (MNCs) in the Philippine pharmaceutical industry. These identified challenges have been addressed by several initiatives, such as the Philippine National Drug Policy and Generics Act of 1988 (Republic Act 6675), to attempt to reduce drug prices. Despite these efforts, the concerns with drug accessibility and affordability continue to persist; hence, Republic Act 9502 was enacted. This paper attempts to review RA 9502 in the pursuit of making medicines more affordable for Filipinos, analyze and critique the problems and challenges associated with the law, and provide recommendations to address identified problems and challenges. A literature search and review, as well as an analysis of the law, has been done to evaluate the policy. RA 9502 recognizes the importance of market competition in drug price reduction and quality medicine accessibility. Contentious issues prior to enactment of the law include 1) parallel importation, pointing out that the drug price will depend on the global market price, 2) contrasting approaches in the drafting of the law as the House version focused on medicine price control while the Senate version prioritized market competition, and 3) MNCs opposing the amendments with concerns on discrimination, constitutional violations, and noncompliance with international treaty obligations. There are also criticisms and challenges with the implementation of the law in terms of content or modeling, interpretation and implementation, and other external factors or hindrances. The law has been criticized for its narrow scope as it only covers specific essential medicines with no cooperation with the national health insurance program. Moreover, the law has sections taking advantage of the TRIPS flexibilities, which disallow smaller countries to reap the benefits of flexibilities. The sanctions and penalties have an insignificant role in implementation as they only ask for a small portion of the income of MNCs. Proposed recommendations for policy improvement include aligning existing legislation through strengthened price regulation and expanded law coverage, strengthening penalties to promote law adherence, and promoting research and development to encourage and support local initiatives. Through these comprehensive recommendations, the issues surrounding the policy can be addressed, and the goal of enhancing the affordability and accessibility of medicines in the country can be achieved.

Keywords: drug accessibility, drug affordability, price regulation, Republic Act 9502

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Authors: Marcos Centurion-Vicencio

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This study discusses the idea of ‘dominance’ in economic policy and its practical influence over monetary decisions. The discretionary use of repurchase agreements in Brazil over the period 2006-2016 and its effects on the overall price level are the specific issues we will be focusing on. The set of in-depth interviews carried out with public servants at the Brazilian central bank and national treasury, alongside data collected from the National Institution of Statistics (IBGE), suggest that monetary and fiscal dominance do not differ in nature once the assumption of depoliticized central bankers is relaxed. In both regimes, the pursuit of private gains via public institutions affects price stability. While short-sighted politicians in the latter are at the origin of poor monetary decisions, the action of short-sighted financial interest groups is likely to generate a similar outcome in the former. This study then contributes to rethinking monetary policy theory as well as the nature of public borrowing.

Keywords: fiscal and monetary interactions, interest groups, monetary capture, public borrowing

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Authors: Natalia M. Acevedo, Luis M. Jimenez, Erick Lambis

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Imperfections in the capital market are used to argue the relevance of the corporate risk management function. With corporate hedge, the value of the company is increased by reducing the volatility of the expected cash flow and making it possible to face a lower bankruptcy costs and financial difficulties, without sacrificing tax advantages for debt financing. With the propose to avoid exchange rate troubles over cash flows of Colombian exporting firms, this dissertation uses financial options, over exchange rate between Peso and Dollar, for realizing a financial hedge. In this study, a strategy of hedge is designed for an exporting company in Colombia with the objective of preventing fluctuations because, if the exchange rate down, the number of Colombian pesos that obtains the company by exports, is less than agreed. The exchange rate of Colombia is measured by the TRM (Representative Market Rate), representing the number of Colombian pesos for an American dollar. First, the TMR is modelled through the Geometric Brownian Motion, with this, the project price is simulated using Montecarlo simulations and finding the mean of TRM for three, six and twelve months. For financial hedging, currency options were used. The 6-month projection was covered with financial options on European-type currency with a strike price of $ 2,780.47 for each month; this value corresponds to the last value of the historical TRM. In the compensation of the options in each month, the price paid for the premium, calculated with the Black-Scholes method for currency options, was considered. Finally, with the modeling of prices and the Monte Carlo simulation, the effect of the exchange hedging with options on the exporting company was determined, this by means of the unit price estimate to which the dollars in the scenario without coverage were changed and scenario with coverage. After using the scenarios: is determinate that the TRM will have a bull trend and the exporting firm will be affected positively because they will get more pesos for each dollar. The results show that the financial options manage to reduce the exchange risk. The expected value with coverage is approximate to the expected value without coverage, but the 5% percentile with coverage is greater than without coverage. The foregoing indicates that in the worst scenarios the exporting companies will obtain better prices for the sale of the currencies if they cover.

Keywords: currency hedging, futures, geometric Brownian motion, options

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Authors: Narges Nejati

Abstract:

Nowadays as science hasten toward technology, only quantity of construction noticed and there is a little attention toward quality of construction and there is no usage for element which was prevalent in traditional architecture. This is the cause of this issue that nowadays we see building that most of them just keep you from heat and cold of outside environment and there is no trace of any culture of their country or nation in it. And although we know that man is a creature that adores beauty by his nature, but this spiritual need of him is ignored. And designers by taking an enormous price instead of planning (spiritual designing) to release peace, they attend to planning which make a human soul bothered and ill. The present research is trying to illustrate price of concepts and principles of water usage as one of the elements of nature and also shows the water application in some of the Iranian constructions and the results show the motif of using water in constructions and also some benefits of using it in constructions. And also this matter can causes a reconnection between nature and constructing of a beautiful environment which is consonant and proportional with man’ physical, spiritual and cultural needs. And causes peace and comfort of men. A construction which man feels a friendly atmosphere in them which he has a sense of belonging to them not a construction which arouses feeling of weariness and fatigue.

Keywords: water usage, belonging, sustainable architecture, urban design

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Authors: Medani Prasad Rijal

Abstract:

Forest itself is a factory as well as product. It supplies tangible and intangible goods and services. It supplies timber, fuel wood, fodder, grass leaf litter as well as non timber edible goods and medicinal and aromatic products additionally provides environmental services. These environmental services are of local, national or even global importance. In Nepal, more than 19 thousands community forests are providing environmental service in less economic benefit than actual efficiency. There is a risk of cost of management of those forest exceeds benefits and forests get converted to open access resources in future. Most of the environmental goods and services do not have markets which mean no prices at which they are available to the consumers, therefore the valuation of these services goods and services establishment of paying mechanism for such services and insure the benefit to community is more relevant in local as well as global scale. There are few examples of carbon trading in domestic level to meet the country wide emission goal. In this contest, the study aims to explore the public attitude towards carbon offsetting and their responsibility over service providers. This study helps in promotion of environment service awareness among general people, service provider and community forest. The research helps to unveil the carbon pool scenario in community forest and willingness to pay for carbon offsetting of people who are consuming more energy than general people and emitting relatively more carbon in atmosphere. The study has assessed the carbon pool status in two community forest and valuated carbon service from community forest through willingness to pay in Dharan municipality situated in eastern. In the study, in two community forests carbon pools were assessed following the guideline “Forest Carbon Inventory Guideline 2010” prescribed by Ministry of Forest and soil Conservation, Nepal. Final outcomes of analysis in intensively managed area of Hokse CF recorded as 103.58 tons C /ha with 6173.30 tons carbon stock. Similarly in Hariyali CF carbon density was recorded 251.72 mg C /ha. The total carbon stock of intensively managed blocks in Hariyali CF is 35839.62 tons carbon.

Keywords: carbon, offsetting, sequestration, valuation, willingness to pay

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Authors: Dewi Hapsari Ratna Muninggar, M. Rizal Martua Damanik

Abstract:

The purpose of this study was to develop a formulation of instant Indonesian traditional pancake (Surabi) based on composite rice and soybean flour and supplemented with Torbangun (Coleus amboinicus Lour) powder as an alternative snack for ADHD (Attention Deficit Hyperactivity Disorder) children. Completely randomised factorial design by two factors which were the ratio of composite rice and soybean flour (75:25; 70:30; 65:35) as well as the addition of Torbangun powder (3%; 5%; 7%) was used in this study. This study revealed that the best formula was instant surabi with 65:35 composite rice and soybean flour and 5% addition of Torbangun powder by considering hedonic test result, functional aspect and nutrients contribution. Then, both chemical and physical characteristics from the best formula of instant surabi were measured. Nutrients content of the chosen instant surabi per 100 g wet basis were 62.68 g moisture, 1.30 g ash, 6.81 g protein, 0.75 g fat, 28.47 g carbohydrate, 88.62 mg calcium, 4.14 mg iron, and 144 kcal energy while physical characteristics, such as water activity, cohesiveness, and hardness were 0.97, 0.569, 5582.2 g force consecutively. The results of this research suggested that instant surabi which can be possibly beneficial for ADHD children had 65:35 for rice and soybean flour ratio as well as 5% for the addition of Torbangun powder.

Keywords: ADHD children, instant surabi, soybean, torbangun

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Authors: Joanna Smoluk-Sikorska, Władysława Łuczka

Abstract:

Organic farming is an important element of sustainable agriculture. It has been developing very dynamically in Poland, especially since Poland’s accession to the EU. Nevertheless, properly functioning organic market is a necessary condition justifying development of organic agriculture. Despite significant improvement, this market in Poland is still in the initial stage of growth. An important element of the market is distribution, especially retail, which offers specified product range to consumers. Therefore, there is a need to investigate retail outlets offering organic food in order to improve functioning of this part of the market. The inquiry research conducted in three types of outlets offering organic food, between 2011 and 2012 in the 8 largest Polish cities, shows that the majority of outlets offer cereals, processed fruit and vegetables as well as spices and the least shops – meat and sausages. The distributors mostly indicate unsatisfactory product range of suppliers as the reason for this situation. The main providers of the outlets are wholesalers, particularly in case of processed products, and in fresh products – organic farms. A very important distribution obstacle is dispersion of producers, which generates high transportation costs and what follows that, high price of organics. In the investigated shops, the most often used price calculation method is a cost method. The majority of the groceries and specialist shops apply margins between 21 and 40%. The margin in specialist outlets is the highest, in regard to the qualified service and advice. In turn, most retail networks declare the margin between 0 and 20%, which is consistent with low-price strategy applied in these shops. Some lacks in the product range of organics and in particular high prices cause that the demand volume is rather low. Therefore there is a need to support certain market actions, e.g. on-farm processing or promotion.

Keywords: organic food, retail, product range, supply sources

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Authors: Yehya Abdellatif, Iyad M. Muslih, Azzah Alkhalailah, Abdallah Muslih

Abstract:

Hybrid Optimization Model for Electric Renewable (HOMER) software was utilized to find the optimum design of a hybrid off-Grid system, by choosing the optimal solution depending on the cost analysis of energy based on different capacity shortage percentages. A complete study for the site conditions and load profile was done to optimize the design and implementation of a hybrid off-grid power station. In addition, the solution takes into consecration the ambient temperature effect on the efficiency of the power generation and the economical aspects of selection depending on real market price. From the analysis of the HOMER model results, the optimum hybrid power station was suggested, based on wind speed, and solar conditions. The optimization function objective is to minimize the Net Price Cost (NPC) and the Cost of Energy (COE) with zero and 10 percentage of capacity shortage.

Keywords: energy modeling, HOMER, off-grid system, optimization

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Authors: Emmanuel Ayobami Adesiyan

Abstract:

Political theorists have identified ethnicity as an obstacle to democratic stability in deeply divided societies. Nigeria belongs to the categories of problematic states labeled divided or deeply divided societies, as such post-independence politics is characterized by ethnicity with its ruinous effect on democratic governance and development. Institutional Engineering, the purposive manipulation of the electoral rule relating to party organization and the electoral formula has been established in comparative political studies as a policy measure for managing ethnicity in order to stabilize politics in divided societies. This paper examines the use of electoral engineering tools in managing ethnic politics in Nigeria’s Fourth Republic. The study is guided by rational institutional theory. Secondary data on electoral rules and disaggregated results of presidential elections were collected from archival documents. Data were subjected to content analysis. Institutional changes in electoral rules have promoted the development of inter-ethnic bargaining and compromises within the party system. Presidential Electoral Formula aided the emergence of national rather parochial parties. Electoral engineering tools moved Nigerian Politics from ethnic parochialism to inclusion and accommodation. These innovations should be strengthened to enhance democratic stability.

Keywords: Nigeria, presidential-elections, ethnic politics, institutional engineering

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Authors: Reysand Mae A. Abapial, Christine Claire Z. Agra, Quenna Lyn V. De Guzman, Marielle Arianne Joyce Q. Hojilla, John Joseph A. Tiangco

Abstract:

The study focused on the assessment of the tourists’ satisfaction on the local gastronomy in Pagudpud, Ilocos Norte as a tourist destination as perceived by 100 tourists visiting the tourist destination, which is determined through convenient random sampling. Mean, percentage frequency and Wilcoxon rank sum test were used in the collection of data. The results revealed that the tourists agree that the local establishments offering local cuisines are accessible in terms of the location, internet visibility and facilities for persons-with-disabilities. The tourist are also willing to pay for the local food because it is attainable, budget-friendly, worthy for an expensive price, satisfies the cravings, reflects the physical appearance of the establishment and its quantity is reasonable based on the price. However, the tourists disagree that the local food completes their overall experience as tourists and it does not have the potential to satisfy all types of tourists. Recommendations for the enhancement of the local cuisine and implications for future research are discussed.

Keywords: gastronomy, local gastronomy, tourist satisfaction, Pagudpud

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